November 2, 2022
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Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested some operators of Bureaux De Change (BDCs) in Abuja.
This followed alleged currency speculation which has led to the hike in exchange rate of $1 (United States) selling for over N800.
The arrest of the unspecified number of suspects also fuelled the allegation that some currency hoarders had invaded the BDC outlets with cash.
But acting on intelligence, the EFCC operatives stormed the BDC outlets in Wuse Zone 4 area of Abuja.
A source, who spoke in confidence, said: “The operation was in line with the determination of EFCC Executive Chairman Abdulrasheed Bawa to check money launderers by invoking Section 2 (1) of the Money Laundering Act 2022.
“We also do not want some unscrupulous elements to take advantage of the nation’s financial system because of plans by the Central Bank of Nigeria (CBN) to redesign some naira denominations.
“Our detectives succeeded in arresting some suspects who are undergoing profiling.”
When contacted, EFCC’s Head of Media and Publicity Wilson Uwujaren said: “It was true we carried out an operation in some BDCs, but I cannot immediately tell you how many suspects were arrested.”
Section 2 (1) of the Money Laundering Act 2022 says: “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding (a) N5,000,000 or its equivalent, in the case of an individual; or (b) N10,000,000 or its equivalent, in the case of a body corporate.”
Last week, Bawa had warned BDC operators against serving as conduit pipes for currency hoarders.
He said: “It is, therefore, pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.
“The commission will spare no effort to bring to book any financial services operator who runs afoul of extant laws and regulations.”
THE NATION